Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
http://www.nexexchange.com/company-all-latest-trades?isin=GB00B06KBB18&listingtypeid=PLSU
@Ezhic - the initial set up and installation of the site to production (according to the placement RNS) is funded. The terms under which they purchase the site will become clear at the end of due diligence (end of Feb).
"Pursuant to the terms of the LoI, AEG will conduct due diligence on the Lumberton Site until 28 February 2018 at which point the Company intends to formalise a commercial real estate purchase contract with Alamac, the specific terms of which will be finalised and agreed upon completion of the due diligence."
"The Directors believe that the size of the Lumberton Site will ensure significant scope for the expansion of the initial CoalSwitchâ„¢ plant via the addition of extra CoalSwitchâ„¢ production facilities. Furthermore, the Directors expect that AEG will benefit from complementary biomass, saw logging and other commercial opportunities in the Lumberton area."
Andritz Group to install and support - not to run the plant.
· AEG has also been progressing discussions with Andritz Group, a leading global engineering group, to support the installation of the initial Coalswitch™ plant at the Lumberton Site and provide engineering support to ensure that the Lumberton Site has the capacity to produce up to 400,000 tonnes of CoalSwitch™ per annum.
No. Not subject to funding. Funded by the placement.
The Company will use the net proceeds of the Placing to:
o execute the expansion plans under the joint venture with Georgia Renewable Power LLC, through which commercial production of CoalSwitchâ„¢ from its five tonne per hour plant is expected in early 2019, as detailed in the RNS announcements dated 15 October & 19 November 2018;
Thanks lagerKhan. So do you believe the placing proceeds are likely being used elsewhere in the business? So why does it specifically state about executing the JV plan with GRP? That is where the revenue will come from initially to help finance the rest which is why it's so important in my opinion.
Fair enough. Thanks mytton. I like to assume RNSs are trustworthy but from what I'm reading on this board it seems opinion is against me on that. I will feel well and truly done if it transpires that the placement does not enable them to execute that plan. To me it reads like that's what it means.
Does anyone know a ballpark figure for purchase of the site? Is it multiple millions which would answer the question I guess. The website found just said price on request. Looks like its been on the market quite a while.
Thanks for the response. From what I saw the share price decline was due to leaky discounted placing attempts.
Are you saying aeg don't have the funds for the site from the placing? So the placing RNS was misleading?
Not a doctor... but I have the misfortune to still hold here and I have some questions:
The October JV RNS suggested that the Coalswitch plants would be on the GRP sites (which is I guess why the timescales quoted at that time were faster). Why was that not done and we now have moved to purchase such a large site?
The 19th November RNS identified the lumberton site which was to be purchased as part of the expansion plan: "subject to the completion of due diligence and securing available finance, the Company intends to acquire the site".
The 30th November placing funds "execute the expansion plans under the joint venture with Georgia Renewable Power LLC, through which commercial production of CoalSwitchâ„¢ from its five tonne per hour plant is expected in early 2019, as detailed in the RNS announcements dated 15 October & 19 November 2018"
Have I been misled? There is obviously the issue of trust in the Board and the RNSs, but at the time I read the timeline and text to say that AEG have funding for the site via the placing. Due diligence normally takes place after an offer has been accepted, so if that's the case the Board should have known the costs around the time of the placing. People are suggesting we will definitely need a lot more funds?? Is that certain?
From Nov RNS
The Company remains on schedule to commence commercial production of CoalSwitchâ„¢ from its five tonne per hour plant early in 2019. In addition, the plan for initial CoalSwitchâ„¢ production to ramp up to full capacity of 10 tonnes per hour expected during H1 2019 remains on track. Initial off take supply agreements for CoalSwitchâ„¢ produced in North Carolina are currently being finalised
Anyone know anyone in the lumberton area who can take a look to see how things are progressing on site? We think it's here right? 1885 Alamac Road Lumberton
Our nomad is merging into another company so we have to change nomad. We are moving to use the company into which our nomad is merging. It all sounds like normal business to me and in my opinion, as the rns says, its unlikely to be an issue.
Are you referring to this? http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AEG&ArticleCode=5jvkasdu&ArticleHeadline=Nominated_Adviser_Status
If so it should be just a paperwork exercise to change nomad.
I hope you're right - but I imagine there'll be no shortage of placing shares when the bid gets back above a penny (ie. above break-even).
Maybe a large buy in the background which they're trying to fill at this level before taking it back up. imo.